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Housing Market Still Hot - According to Latest QV Figures
Meanwhile, let's act in the spirit of the economy & get those rents up!
This would be great but I see this as only being in the 'spirit' of the property investor. To act in the spirit of the economy would be to increase productivity so businesses can pay their workers a higher wage/contract therefor they are able to pay a higher rent or purchase their own home.
The red army 'lefties' could help by making things easier for developers to increase the supply of housing. I believe the real problem is the supply/printing of credit (Inflation) which has halved the purchasing power of our currency over the last 10 years. The same thing has happened in the US.
We profit from many of the governments mistakes directly and indirectly. So It could be said that the long term future looks good for property investors.
No price is too high to pay for the privilege of owning yourself. - Friedrich Nietzsche
Good call Riviera
These stats are old hat and reflecting March maybe a bit of April. The key indicators are what agents and others in the industry are really saying (honestly) out there and there is a glut I can assure you, things are stabilising quickly and this won't be reflected in stats till September.
Good call Riviera
These stats are old hat and reflecting March maybe a bit of April. The key indicators are what agents and others in the industry are really saying (honestly) out there and there is a glut I can assure you, things are stabilising quickly and this won't be reflected in stats till September.
Did anyone see the news tonight on TV1?
Yes I saw one news tonight and that was the opinion of one real estate agents, some homes are taking longer to move so a slow down is on the way. Although Bollards intervention with the dollar will probably be a big mistake! As Gareth Morgan said on Closeup making our currency dog tucker
Last edited by Riviera; 11-06-2007, 08:55 PM.
Reason: typo!
Mr Morgan could be right, but he might have just lost a big sum at GMI on currency hedges before the announcement. I think he is probably right though, there are a lot of huge investors out there in the world that could toast our economy and Reserve Bank.
I just worry about 'property intervention', this is a possibility now...
How is this data 3 months old?
Quote from the article:
Quotable Value's monthly index rose at an annual rate of 11.1 per cent in May, up from 10.6 in April and 9.8 per cent in March. The average New Zealand sale price increased from $366,032 to $372,552.
The complaint about QV data being 'out of date' has been made before, with anecdotal stories of how the market 'today' is so much more encouraging for investors, but 3 months go by and still the indices keep rising.
One pertinent point made about the QV and REINZ indices is that they reflect only the properties that have sold - not how many were not marketed or withdrawn from the market because the vendor could not achieve the price they hoped for/needed.
I make sure that I am always communicating with my "pet" REA's.
My local area REA said and I quote "I don't have a lot of listings and what I have are over-valued. The vendors have got to start being more realistic".
The sentiment in the different areas that I am dealing with are all becoming quite - ummmmm - cautious and in some areas downright sceptical.
Vendors circumstances will be that they have to sell whether the market is up/down or sideways. Purchasers will always buy, for exactly the same reason.
It is only perception that makes the difference of a "good time to buy/sell" or not.
For example, poormastery would not describe gross yields, net yields or interest rate levels et al as a "perception".
I agree that the above aren't perception, what I am saying is:
It is only perception that makes the difference of a "good time to buy/sell" or not.
and I don't think you've gripped up on this. What a person believes is all important about whether the deal they are making is great or not. A half full glass or a half empty glass scenario.
It is the observation that changes the attitude.
Read this for something a little different about observations :
My local area REA said and I quote "I don't have a lot of listings and what I have are over-valued. The vendors have got to start being more realistic".
We told an agent that a property was over-valued, and he asked us to put in an offer anyway, with the explicit purpose of conditioning the vendor.
Although Bollards intervention with the dollar will probably be a big mistake!
Yes. One has to wonder. Buying $1.5billion US dollars sounds like a desperate attempt at manipulating the value of the NZ$ with the wave of a magic wand. Will it last? Will it tempt exporters to stay in NZ? If not, say hello to rising unemployment, and everything that goes with a reduced individual's income.
Add that to the steady increase in interest rates. Another manipulation.
Sorry as an aside, and I'm sure there are some worthy reporters in the Herald, but I had to stop reading it years ago: as it reminded me too much of the UK's gutterpress trivia.
And as another aside, what a pity the major news channels dedicate such valuable periods of air time to dogs on skate boards, or blatent advertising of things unworthy of national and international news.
Ah... what was that... "the news is calssified as "light entertainment" ? ah well then... that explains everything!!!"
So... who out there feels like setting up a good independent bit of news broadcasting/printing????
Sorry loves... got off on a bit of a tangent there.
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